TMB Industries, a private equity firm headquartered in Chicago IL, has acquired Phillips & Temro Industries Inc from The Budd Co, a unit of Thyssen Krupp. Terms of the transaction were not disclosed. Equity participants include principals of TMB and Chilmark Partners. LaSalle Bank is providing senior financing for the transaction, with American Capital providing subordinated debt financing.
Phillips & Temro is based in Eden Prairie MN and has annual revenues of more than $40 million. The company has two facilities in Minnesota and two in Winnipeg, Canada.
Jim Todd has been appointed president and chief executive officer of Phillips & Temro. He has held executive management positions in several companies, including ITW, Premark International, Rockwell International, and Emerson Electric. Also joining the organization is Dave Hawkins, who has been named chief financial officer. Gary Edwards, current president of Phillips & Temro, has been appointed chief operating officer.